The Financial Regulatory Authority said that Ahmed Ezz, the main shareholder in Ezz Steel, filed a grievance against the exclusion of his shares and the shares of parties related to him from voting on the decisions of the extraordinary general assembly to voluntarily delist the company’s shares.
Ahmed Ezz owns more than 68% of Ezz Steel shares, according to a statement issued by the Financial Regulatory Authority today, Wednesday.
The Authority explained that it was decided to set Wednesday, January 22, to consider the grievance.
Ezz Steel Company had set the purchase price of the delisted shares, according to the fair value stated in the report of the independent financial advisor, BDO Company, at EGP 138.15 per share, after presenting it to the company’s extraordinary general assembly.
The company confirmed that the delisting price is thus higher than the average share price during the three months preceding the announcement of the intention to delist by 28%, and during the six months preceding the announcement of the intention by 40%.
The Extraordinary General Assembly is scheduled to convene on Tuesday, January 28, to approve the voluntary delisting of the company’s shares from the Egyptian Stock Exchange and the purchase of shares of those affected by the voluntary delisting.
It will also discuss opening a temporary account called the voluntary delisting shares account, the purpose of which is limited to executing the purchase of shares of shareholders affected by the delisting, provided that this account is financed by the company or a third party guarantee.